In recent years the Trustee has taken a number of steps to de-risk the Scheme including fully hedging its interest rate and inflation exposures. This well managed approach put the Scheme in a strong position to weather the recent market volatility and take advantage of an opportunity to further de-risk by entering into a buy-in transaction with Legal & General.

Laura Mason, CEO, Legal & General Retirement Institutional: “We are delighted to have been chosen by the Trustee as its de-risking partner and to provide long-term security for all of the Scheme’s members. As one of the larger pension risk transfer transactions of 2020, today’s announcement demonstrates the resilience of the market and the ability of insurers, such as ourselves, to transact amids...Read More

This is the Plan’s fourth pensioner buy-in and the second for the Section, representing a significant further step on its long-term de-risking journey. Scottish Widows and the Trustee worked closely together to ensure the arrangement was structured to meet the Plan’s needs. This collaborative approach enabled the buy-in to be completed quickly following exclusivity. 

The Trustee was advised by Aon and CMS and Scottish Widows was advised by Herbert Smith Freehills.

Lara Desay, Co-Head of Origination and Structuring, Bulk Annuities at Scottish Widows, said: “We are proud to have been chosen by the Trustee and Company to help them take a material step towards de-risking the Plan and providing increased security to members. Working in partnership...Read More